Over 1,000 New Construction Projects in Phnom Penh Seen to Boost the City’s Economy

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With around a thousand new construction projects that will cover an area of 4.63 million square meters, Phnom Penh is on its way to great leaps of recovery after the covid-19 health crisis. 

Construction and real estate, along with agricultural, tourism, and manufacturing, have been pegged as top priorities of the Cambodian government in getting the country’s economy back on track after a pandemic that impeded people’s livelihoods, especially sectors affected by travel restrictions and social distancing such as tourism and education. Last April, the Asian Development Bank (ADB) had projected economic growth of 5.3% this year and 6.5% next year for Cambodia. To bolster these, the government introduced relevant policies such as investment reforms to make the country, especially the capital city, even more competitive and desirable for investors. 

Coupled with widespread vaccination efforts, these enabled the country to reopen its borders for trade and tourism, therefore leading to positive economic prospects for all related sectors, said ADB Acting Country Director Anthony Gill. 

President Chrek Soknim of the Cambodian Valuers and Estate Agents Association (CVEA) also noted that the local real estate market is bouncing back, especially among domestic and Chinese investors. The latter have been particularly interested in Preah Sihanouk and other provinces, aside from Phnom Penh. 

For the real estate sector, the Ministry of Economy and Finance posits an increased growth rate to 4.8% within this year, given the strong demand for properties and increase in foreign investment

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